Local equity is tipped to take a rest Friday from the week’s often frenetic gains. As the U.S. Federal Reserve’s shock decision Wednesday to leave its stimulus program intact sinks in, investors in Europe will focus on this weekend’s German elections, with special focus on how well euro skeptic parties might do.

CMC Markets is calling the FTSE 100 down 15 points at the open, the DAX down 12 and the CAC40 down three points.

On the data schedule this morning we look forward to U.K. public borrowing figures for August, while in the U.S. there are plenty of Fed speakers on tap. They can expect some lively questioning on the taper, given this week’s events.

By David Cottle

What you may have missed from MoneyBeat:

A Historic Admission from J.P. Morgan: As a statement, it may be short and lacking in linguistic flourishes. But this seemingly bland wording reflects a sea-change in how the SEC operates — and a landmark in J.P. Morgan history.

Fed Guidance Questioned: Federal Reserve officials created new uncertainty about how much farther they will push their easy-money policies—and new questions about how effective they are at communicating their thinking—with the decision to stand pat on the pace of their bond purchases for now.

Fed Decision Is Relief for Europe: The Federal Reserve’s unexpected decision to keep its bond-buying program intact gives central banks in Europe more time to nurture still-fragile economic recoveries. Central banks in developing countries will face less pressure to raise interest rates to defend their currencies, but are unlikely to significantly alter their policy stances.

Despite Merkel’s Popularity, Angst Creeps In: Angela Merkel has become Europe’s most popular leader by telling Germans they don’t need to change, and by shielding them from much of Europe’s debt-crisis pain at the same time.

Gold Climbs Nearly 5%:Gold futures rose nearly 5% Thursday, extending the gains made after the Federal Reserve surprised investors by announcing it would stick to its bond-buying program.